Hi All: I live in an HFDC building that HAS NO SUBLET LIMITS PERIOD! No resale income/profit restrictions either. Consequently we are sorta like a glorified DORM (East Village-go figure) or a 'Stupid Coop', i.e., more than half apartments are sublet, more than half owners live off-premises (and live off profits from inflated sublet fees); our maint. relatively low but always running low and money... [more]
Hi All:
I live in an HFDC building that HAS NO SUBLET LIMITS PERIOD! No resale income/profit restrictions either. Consequently we are sorta like a glorified DORM (East Village-go figure) or a 'Stupid Coop', i.e., more than half apartments are sublet, more than half owners live off-premises (and live off profits from inflated sublet fees); our maint. relatively low but always running low and money and looking at second big maint. increase in two years very soon. Please don't tell me to "Go to a lawyer and force a change in sublet policy" 'cause there only 3 owners out of 14 who want sublet policy changed--we are a small minority, with not much $! Everybody else sucks up the profit and basically doesn't wanna hear about anything. Last studio sold for $350K few years ago. Trust fund baby paid cash--no banks, mortgage involved (that 50% owner occupied mortage piss off didn't apply--got it?) Wondering if I should just "jump ship" too and sublet...or get the hell out! Feedback? Ideas? Brainstorming? Similar situations anybody? (Any CONSTRUCTIVE feedback welcome--especially from anybody with similar situation!). Thanks
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Response by Risktaker476
over 16 years ago
Posts: 14
Member since: Jul 2009
Good luck.....
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Response by glamma
over 16 years ago
Posts: 830
Member since: Jun 2009
what's the maintenance?
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Response by nyc_sport
over 16 years ago
Posts: 820
Member since: Jan 2009
I believe that an HFDC coop must be the shareholder's "primary residence" regardless of what your coop documents or board says.
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Response by detournement
over 16 years ago
Posts: 31
Member since: Aug 2009
This is actually illegal. If you really want to make enemies call UHAB.
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Response by OTNYC
over 16 years ago
Posts: 547
Member since: Feb 2009
Are you sure it's an HFDC building? Also, what aspect of the building being "dormy" bothers you? If it is too loud, call 311. Too transient, deal with it. If you really hate it, get out.
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Response by semerun
over 16 years ago
Posts: 571
Member since: Feb 2008
It's not illegal- it is however against HDFC rules (which is recommended rules and not law). Every HDFC is run independent. Some HDFC's don't enforce the income restrictions, others allow unlimited sublets- UHAB would not approve of either- but UHAB doesn't have the power to stop it.
As for second large maintenance increase in two years- costs have gone up. Taxes have gone up. Have you taken a close enough look at the financial statements to know whether the building is being managed well or not?
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Response by NYCMatt
over 16 years ago
Posts: 7523
Member since: May 2009
Ah, yes. Everyone complains about their inability to rent out their apartment because of restrictive rules set forth by those nasty elitist board members -- until the shoe is on the other foot.
Love it.
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Response by Salut
about 16 years ago
Posts: 132
Member since: May 2010
heartbroke54, this policy will put them right out of HDFC: taxes, my friend. The maint. is artificially low because thew building pays lower taxes. So: is you contact the tax authorities on New York city and state, they'll take action. Taxes are sacred cow. They'll be either forced out of HDFC and become a recular co-op, or be forced to change the policy, especially one about income restriction. D o it.
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Response by heartbroke54
about 16 years ago
Posts: 2
Member since: May 2010
HI ALL,
Thanks for your responses. Coupla things. I think we still retain H.D.F.C. in our corporation name but no the restrictions to income for any buying in or selling ended in 1993.
Gee...why don't I like living in a "dorm-like" environment, let's see, I'm 55 and students bore the s--- outta me. THIS IS SUPPOSED TO BE MY HOME--AND NOT AN NYU DORM--get it? Like H O M E and corporate free (if you can comprehend that!).
Maintenance is $614 a month for my approx. 425 square feet. We just had a water main break this year and one owner just charged $3K to us to fix their celing from water damange from roof--so money's tight...our "slush fund" in savings is like $10K ! (I know I know...).
Again I would like to hear from other SIMILAR type coop situations--unless as I suspect WE ARE QUITE ALONE!
We are looking at raising maint. about $33 to $50 a month as city taxes went up like $10K, gas heat going up--still I'm looking at going back to school and hell I don't want to commute! I don't much care for the 'hood but it's less sterile than upper eastside and doesn't have the "heart-attack vibe" of Hell's Kitcher--er-sorry snots---CLINTON HILL...: ).
Thanks for the GOOD LUCK Risktaker476 !!!!!
Oh--another kvetch...we have a sublet percentage fee owers must pay BACK to coop for the privilege of unlimited subletting...right now with the numbers...that fee (our "profit") total like $900 something income for us...more than half the building is sublet. I truly wonder if this will interfere in selling of apartments (and new owners obtaining mortgages OR is this neighborhood still so hot I will always find a buyer.
Finally I do get sick and tired of only a handful of owners basically doing all the admin. work while the subletter owners basically sit back and collect inflated sublet fees.
Frustrating but it's still being in NYC! (for all it's worth--or IS it?).
Oh and we do have a small deck and I'm up there every day--I'm like the only one who goes up there and it's a GODSEND 'cause my apt. is really quite dark (but lovingly quiet except for the occasionally "chicks and students" parties that spring up overy few nights...the students seem to be getting more well-behaved...we have gone through some real nightmarish drugged out Hippie 20 somethings type who would get high, cough and even have sex in the dark little alley corners behind me..mind the rats Co-eds...(I guess some elements of the East Village never change : )>
Again, comments welcome.
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Response by kharby2
about 16 years ago
Posts: 279
Member since: Oct 2009
Well honey I'm 52 and we both know life is short. I would move if I were you; you sound like a very unhappy cat with this living situation, and it would drive me nuts, too.
Sublet it (if you don't want to be the go-to landlord, hire a property manager, that's what I do) and rent someplace you love; or sell it and buy something else you love; or sell it and rent something else, but I say get the hell out of there before your blood pressure rises any more.
BTW I think you sell the Upper East Side way short. We've got a comedy club, live music, organic/raw foods restaurants, an artisan bread baker worthy of Red Hook, undervalued properties by the score and a really, really big park. Granted, we don't have a lot of sex in the streets, but, you know, you can get used to anything.
Karla Harby, VP
Charles Rutenberg Realty
kharby@crrnyc.com
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Response by notadmin
about 16 years ago
Posts: 3835
Member since: Jul 2008
i'd sublet to a college kid and find a place that makes me happy,... paid by, in part, that college kid. if you cannot fight them, join them.
Good luck.....
what's the maintenance?
I believe that an HFDC coop must be the shareholder's "primary residence" regardless of what your coop documents or board says.
This is actually illegal. If you really want to make enemies call UHAB.
Are you sure it's an HFDC building? Also, what aspect of the building being "dormy" bothers you? If it is too loud, call 311. Too transient, deal with it. If you really hate it, get out.
It's not illegal- it is however against HDFC rules (which is recommended rules and not law). Every HDFC is run independent. Some HDFC's don't enforce the income restrictions, others allow unlimited sublets- UHAB would not approve of either- but UHAB doesn't have the power to stop it.
As for second large maintenance increase in two years- costs have gone up. Taxes have gone up. Have you taken a close enough look at the financial statements to know whether the building is being managed well or not?
Ah, yes. Everyone complains about their inability to rent out their apartment because of restrictive rules set forth by those nasty elitist board members -- until the shoe is on the other foot.
Love it.
heartbroke54, this policy will put them right out of HDFC: taxes, my friend. The maint. is artificially low because thew building pays lower taxes. So: is you contact the tax authorities on New York city and state, they'll take action. Taxes are sacred cow. They'll be either forced out of HDFC and become a recular co-op, or be forced to change the policy, especially one about income restriction. D o it.
HI ALL,
Thanks for your responses. Coupla things. I think we still retain H.D.F.C. in our corporation name but no the restrictions to income for any buying in or selling ended in 1993.
Gee...why don't I like living in a "dorm-like" environment, let's see, I'm 55 and students bore the s--- outta me. THIS IS SUPPOSED TO BE MY HOME--AND NOT AN NYU DORM--get it? Like H O M E and corporate free (if you can comprehend that!).
Maintenance is $614 a month for my approx. 425 square feet. We just had a water main break this year and one owner just charged $3K to us to fix their celing from water damange from roof--so money's tight...our "slush fund" in savings is like $10K ! (I know I know...).
Again I would like to hear from other SIMILAR type coop situations--unless as I suspect WE ARE QUITE ALONE!
We are looking at raising maint. about $33 to $50 a month as city taxes went up like $10K, gas heat going up--still I'm looking at going back to school and hell I don't want to commute! I don't much care for the 'hood but it's less sterile than upper eastside and doesn't have the "heart-attack vibe" of Hell's Kitcher--er-sorry snots---CLINTON HILL...: ).
Thanks for the GOOD LUCK Risktaker476 !!!!!
Oh--another kvetch...we have a sublet percentage fee owers must pay BACK to coop for the privilege of unlimited subletting...right now with the numbers...that fee (our "profit") total like $900 something income for us...more than half the building is sublet. I truly wonder if this will interfere in selling of apartments (and new owners obtaining mortgages OR is this neighborhood still so hot I will always find a buyer.
Finally I do get sick and tired of only a handful of owners basically doing all the admin. work while the subletter owners basically sit back and collect inflated sublet fees.
Frustrating but it's still being in NYC! (for all it's worth--or IS it?).
Oh and we do have a small deck and I'm up there every day--I'm like the only one who goes up there and it's a GODSEND 'cause my apt. is really quite dark (but lovingly quiet except for the occasionally "chicks and students" parties that spring up overy few nights...the students seem to be getting more well-behaved...we have gone through some real nightmarish drugged out Hippie 20 somethings type who would get high, cough and even have sex in the dark little alley corners behind me..mind the rats Co-eds...(I guess some elements of the East Village never change : )>
Again, comments welcome.
Well honey I'm 52 and we both know life is short. I would move if I were you; you sound like a very unhappy cat with this living situation, and it would drive me nuts, too.
Sublet it (if you don't want to be the go-to landlord, hire a property manager, that's what I do) and rent someplace you love; or sell it and buy something else you love; or sell it and rent something else, but I say get the hell out of there before your blood pressure rises any more.
BTW I think you sell the Upper East Side way short. We've got a comedy club, live music, organic/raw foods restaurants, an artisan bread baker worthy of Red Hook, undervalued properties by the score and a really, really big park. Granted, we don't have a lot of sex in the streets, but, you know, you can get used to anything.
Karla Harby, VP
Charles Rutenberg Realty
kharby@crrnyc.com
i'd sublet to a college kid and find a place that makes me happy,... paid by, in part, that college kid. if you cannot fight them, join them.